Buying a house in Ghaziabad has become more expensive now with a 15% sudden increase in circle rates. With the increase coming into effect from Wednesday, circle rates have more than doubled, especially in areas like Wave City and Aditya World City.
There has been a tremendous increase in the circle rate in major areas like Indirapuram, Kaushambi, and Vaishali. The commercial properties and agricultural land have also become costlier. The circle rates are said to have been increased after a gap of two years by the Stamp and Registration Department.
“In the last two years, the city has undergone infrastructural transformation in terms of connectivity. The Rapid Rail has started operating and is in expansion mode. The city already has Metro connectivity and DME and more expressways like Delhi-Dehradun Expressway and others are also coming up. All this has increased the market rates of properties. To take advantage of the growing market, the circle rate has been increased,” said Pushpendra Kumar, AIG Stamp and Registration Department Ghaziabad.
The circle rate for residential plots has seen a significant rise in various areas like Wave City, Aditya World City and NH-9, from Rs 17,300 per square metre to Rs 35,000 per square metre. In Indirapuram, it has gone up from from Rs 58,000 per square metre to Rs 95,000 per square metre.
In Kaushambi, the increase is from Rs 64,000 per square metre to Rs 1.03 lakh per square metre. In Vaishali township, the rate has been increased from Rs 58,000 per square metre to Rs 97,000 per square metre. In Vasundhara, the circle rate was Rs 52,000 per square metre, which will now increase by Rs 28,000 per square metre.
The circle rate for commercial properties has been increased from Rs 1.08 lakh to Rs 1.15 lakh per square metre. The rate for agricultural land has been increased by 10% across the district.
For commercial properties in Indirapuram and Vaishali township, the circle rate will be Rs 1.15 lakh per square meter from the earlier rate of Rs 1.08 lakh per square metre. In Ambedkar Nagar, the rate has been increased from Rs 1.38 lakh per square metre to Rs 1.50 lakh per square metre. The revised rate in Noornagar village has gone up to Rs 21.7 crore per hectare.
The Stamp and Registration Department officials said they hope the revised circle rates will generate an additional Rs 125 crore in revenue for the government this financial year. In the last financial year, the state government had set a revenue target of Rs 3,104 crore for Ghaziabad out of which 96 per cent was achieved.
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